I forgot to share with all this funny incident that happened 2 days ago. I went short E$ at 1.3397, then my Apple wireless Magic Mouse went dead!! I didn't want to risk it when not in full control and instinctively called in to buy back at 1.3396. No prize for guessing, it drifted quite effortlessly to 1.335ish :( Lesson learnt, either you use a wired Mac compatible mouse or you continue to use the wireless one but keep one wired mouse around. Apple eServ exchanged a new one for me later.
Clearly market was caught long with suckers after the release of GS's buy recommendation. Asian sovereign name was heard to have lurked around 1.3400 and macro names were also active sellers yesterday. But the highlight was when EU Juncker commented that euro was "dangerously overvalued" that knocked E$ socks off. It fell to a low of 1.3263 (Fibo 38.2% ratio) before rebounding.
Asian hour book revealed the following noteworthy orders:
Stop: 1.3240 and > 1.3400
Limit: 1.3440/50 and 1.3485/90
Technically, shorter intraday indicator is near the o/s territory but momentum is still pointing lower for now with a hint of turning to consolidation to higher. 1.3260/70 should hold on first test with resistance at 1.3330/40 to cap for an eventual test lower towards 1.3200/10 probably during the NY session or in the next 24hrs. Note: I wouldn't want to be too short into 1.3200 though.
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| E$ 2hourly chart - Fibonacci ratio retracement levels |
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| E$ Daily chart - Dark cloud cover |
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